Charlie Brown and Lucy Brown, are partners in the Charlie Brown Partnership. Charlie and Lucy share...

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Charlie Brown and Lucy Brown, are partners in the "Charlie Brown Partnership". Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed payments (salary allowances), interest allowances and bonus allocations. Charlie and Lucy receive guaranteed payments (salary allowances) of $40,000 and $60,000, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Total net income for 2023 is $550,000. January 1 capital balances What amount of net income is allocated for 2023 to each of the partners, Charlie and Lucy's? Charlie Lucy 900,000 700,000 Charlie Brown and Lucy Brown, are partners in the "Charlie Brown Partnership". Charlie and Lucy share profits and losses in a ratio of 2:3, respectively, after guaranteed payments (salary allowances), interest allowances and bonus allocations. Charlie and Lucy receive guaranteed payments (salary allowances) of $40,000 and $60,000, respectively, and both partners receive 10% interest based upon the balance in their capital accounts on January 1. Total net income for 2023 is $550,000. January 1 capital balances What amount of net income is allocated for 2023 to each of the partners, Charlie and Lucy's? Charlie Lucy 900,000 700,000